Aeris Annual Report 2022

EXPLORATION
The Tritton tenement package covers 2,330km 2 in central
western New South Wales. To date, over 850,000 tonnes
of copper, including the current Mineral Resource deposits,
has been discovered on the tenement package, with
the majority being in the southern half.
The northern half of the tenement package remains
largely underexplored and in recent years on-ground
exploration has focused on activities over this area. The
recent discovery of the Constellation deposit validates
the Company’s view the northern half of the tenement
package is highly prospective for copper mineralisation.
A$11.5 million was spent on exploration activities during
the financial year ended 30 June 2022 (including
Constellation resource drilling). During the financial year
ending 30 June 2023 exploration activities will be focused
on advancing regional target generation, including drill
testing, combined with some additional resource definition
drilling at the Constellation and Kurrajong deposits.
Constellation Deposit
The Constellation deposit is located approximately
45 kilometres north-east of the Tritton processing plant.
The deposit was first detected via an airborne
electromagnetic (AEM) survey and a follow-up ground
based moving loop electromagnetic (MLTEM) survey.
The MLTEM survey verified that the EM response
from the airborne survey represented a legitimate
bedrock conductor and identified two separate
bedrock conductors.
During the financial year ended 30 June 2022, ongoing
exploration activities continued at the Constellation
deposit. Both Reverse Circulation (RC) and Diamond
drilling programs were progressed resulting in mineralisation
being identified down-plunge to 1,100m and up to 300m
along strike. The Constellation deposit remains open, down
plunge and along strike at depth.
The Exploration Target was prepared and reported in
accordance with the 2012 edition of the JORC Code.
An updated Mineral Resource estimate is in progress and
expected to be completed in the first half of FY2023.
Avoca Tank Deposit
Drilling at the Avoca Tank has traced the mineralised
system to approximately 400m below surface.
Toward the base of drilling the sulphide mineralisation
is interpreted to change strike orientation. Towards
the end of the financial year an exploration drillhole
(TAKD046) was completed, testing down plunge continuity.
TAKD046 intersected massive sulphides 75m down
plunge from the current Mineral Resource and downhole
electromagnetic (EM) surveying detected a large EM
conductor below the Mineral Resource.
Murrawombie Deposit
Grade control drilling completed at Murrawombie
during FY2022 supports the current geological
interpretation, with follow-up drilling required to further
define smaller, high-grade lodes. Additionally, the latest
drilling has confirmed mineralised intersections outside
of the previously reported Mineral Resource, which will
be followed-up with future drilling campaigns. We are
confident that the mineralisation will be extended at depth.
Kurrajong Project
The Kurrajong deposit is located approximately
20 kilometres east from the Tritton processing plant. Prior
drilling at the Kurrajong deposit in 2012 and 2016 defined
a massive sulphide horizon from 300m below surface and
extending to 1,100m down plunge. The mineralised system
remains open to the north and down plunge and
in the last quarter of the financial year ended 30 June 2022,
a resource definition drill program commenced and once
completed a maiden Mineral Resource will be reported for
the Kurrajong deposit.
A Maiden Mineral Resource was reported in December
2021, totalling 3.3 million tonnes at 1.4 percent copper and
0.3 g/t gold, for 47kt of contained copper metal and 36koz
of contained gold metal. An Exploration Target (6Mt – 8Mt
at 1.7% - 2.2% copper) was also defined for the primary
mineralisation, approximately 750m down plunge from
the base of the Mineral Resource. The potential quantity
and grade of the Exploration Target is conceptual in
nature and is therefore an approximation. There has
been insufficient exploration drilling to estimate a Mineral
Resource and it is uncertain if further exploration will result in
the estimation of a Mineral Resource.
Two drill holes from the current resource definition drilling
program were completed prior to 30 June 2022 with both
drill holes intersecting sulphide mineralisation.
REGIONAL EXPLORATION
Regional exploration focused on the northern half
of the tenement package with the completion of a large
airborne electromagnetic (AEM) survey and surface
geochemistry sampling programs. The AEM survey covered
a 600km 2 area north from a similar AEM survey completed
in 2019 which detected the Constellation deposit and led
to the discovery.
ADVANCING AERIS
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